Mobile banking: 'Banks do their best, but consumers should protect themselves'

Smartphones are more popular than ever and now you can do everything from your
food shop to paying bills on your mobile. James Richards, head of mobile for
digital banking company IE, explains how you can make sure you are properly
protected.

Mr Richards said: "Smartphone users don't give a second thought to downloading apps and games, but when it comes to apps that use personal details, like mobile banking, consumers should be more careful. Banks are doing a lot of work behind the scenes to make sure that apps are secure and to combat fraud on smartphones, but consumers also have to protect themselves."

Read on for five tips to protect your smartphone from fraudsters.

• Double check all apps are legitimate: For mobile banking, legitimate apps are encrypted to protect personal data so the biggest opportunity for a fraudster is to trick you into downloading a fake application that looks like the real thing. Do your research and ensure that your mobile banking app is from a trusted source. If in doubt, ask your bank. You should also report any banking application that appears to be malicious to your financial institution right away.

• Don't store passwords and PINs on your phone: People who use their mobile to store passwords and PINs for banking are very vulnerable as fraudsters can easily use this information to log into accounts directly from the phone – delete these without delay and also don't store text messages and emails from your bank on your phone.

• Set automatic text alerts to flag unusual transactions: Some of the more powerful mobile banking apps can also give you greater control over the authorisation of transactions, such as letting the consumer choose transaction limit alerts – for example, 'SMS or send an in-app alert to me for transactions over £100.

Related Articles

• Keep an eagle eye on your account: As with any type of banking, remember to always keep track of your bank account and watch for unusual or suspicious activity. With apps that let you view your most recent transactions, it's even easier to do this on the move. If you do notice any unusual transactions, call your bank immediately get your card cancelled.